Despite their geographical distance, Vietnam and Chile have a well developed relationship based on a long history. Vietnam received strong support from the Chilean people during its past national liberation struggle. Chile was the second nation in South America, after Cuba to established the diplomatic relations with Vietnam in 1971, when Vietnam was fighting for national independence. In 1990, the two countries exchanged ambassadors and have been closely linked ever since. "I think nevertheless, Chile was one of the first Latin American countries to establish diplomatic relations with Vietnam in 1971. Any many things have happened in almost 40 years. Our mutual relationship is very high. We still have a long path to walk together to strengthen even more our two countries’ relationship", Fernando Urrutina, Chilean Ambassador to Vietnam.

Vietnam and Chile signed FTA on the sidelines of APEC summit in the US in late 2011

In recent years, senior leaders of the two countries have increased contacts, exchanges, and discussions to boost cooperation. The two enjoy advantages in mineral exploitation, science and technology, agriculture and education. Chile wants to cooperate with Vietnam in the application of new science and technology in mining, agricultural production, food production and environmental protection. Vietnam treasures its relations with Chile and is ready to increase bilateral cooperation in the areas of greatest potential. Vietnamese leaders have several times reiterated that Vietnam’s willingness to serve as a bridge for Chile to develop ties with other Southeast Asian countries. Meanwhile, Chile expects Vietnam as a gateway for its products to enter other markets in Latin America.  "Chile is a country of 17 million people with more than 14 thousand dollars income per capita that represents an interesting destination for Vietnamese products and also a springboard to arrive to other Latin American markets with those Chile already has free trade agreements. Vietnam is a very well-known trade mark in Chile. We actually import garments, clothes, shoes and sport tools. Chile is a very open and free market economy with its strong experience in doing business and very accessible to Vietnamese products", said the Chilean Ambassador to Vietnam.

Vietnam and Chile have already signed 20 cooperative agreements in politics, diplomacy, business, trade, science, technology, culture and tourism. Their two way trade turnover has increased from 18 million USD in 2000 to nearly 500 million USD last year. In 2007, Chile officially recognized Vietnam’s market economy status. On November 11^th, last year, the two countries signed the Free Trade Agreement (FTA) after 8 rounds of talks over 3 years. Once the FTA takes effect, Chile can export pork, fruits and canned fruits at preferential tariffs and import footwear, rice, garment and textiles and coffee at low tariffs.

Anh Huyen